Stocks Mixed On Earnings, Economic Data

Stocks were mixed after opening higher Thursday, as earnings reports and economic data were themselves mixed.

The Dow Jones industrial average gave up initial gains and slipped 0.1%. The Nasdaq held a 0.3% gain and the S&P 500 was 0.1% higher. Volume slipped a fraction on the Nasdaq, but jumped on the NYSE, as a number of blue chips moved in heavy trade.

The Philadelphia Federal Reserve reported an uptick in regional manufacturing activity in January, lifting the Philly Fed Index to 7.3 vs. a significantly reduced 6.8 reading for December. Analysts had been expecting a slight decrease from the original 10.3 number, to 10.

Blue chips were trading mixed with Bank Of America's (BAC) 5% gain leading the Dow. F5 Networks' (FFIV) 9% gap-up at the open led the Nasdaq 100, and lifted shares above a 117.40 buy point.

The Philadelphia semiconductor index surged for a second straight day, led by Broadcom (BRCM) and Rubicon Technology (RBCN). Industry bellwether Intel (INTC) is set to report Q4 results after the close.

Railroads powered ahead in early trade on solid earnings reports.

Union Pacific (UNP) surged 3% after reporting that fourth-quarter earnings rose 28% to $1.99 a share. Analysts expected a 16% gain. Revenue climbed 16% to $5.1 billion, also above expectations. The railroad reported volume increases in all of its six business groups, with strong gains in chemical, auto, energy and industrial. "We expect continued slow but steady economic growth in 2012," the company said in a statement.

The stock cleared a 106.09 buy point in a cup-with-handle base Jan. 3. It is extended 6% above that buy point.

Kansas City Southern (KSU) climbed 3%, taking out a new high. It remains in buying range through 74.10 on a rebound from 10-week support, its first rebound since clearing a base in October. The company is scheduled to report Q4 results Jan. 23.

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